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Australia's Scentre sells Sydney office towers for $1.1 bln


Reuters


June 27 (Reuters) - Australian shopping mall owner Scentre Group Ltd on Thursday said it has disposed of its Sydney CBD office towers for A$1.52 billion ($1.06 billion) and announced a share buyback programme worth A$800 million.

The company said it sold the office towers to certain funds managed by U.S.-based private equity firm Blackstone Group .

Scentre will grant a 299-year leasehold interest to Blackstone over the office components, the company said.

Last month, Scentre announced the sale of a 50% stake in the Westfield Burwood shopping centre for about A$575 million, to privately held property investor Perron Group.

Shortly after both transactions were completed, Scentre said it plans to launch an A$800 million buyback programme after its 2019 half-year results on August 22.

Scentre shares rose after the announcement, trading up 1.3%, as of 0347 GMT, while the broader benchmark was little changed.

($1 = 1.4302 Australian dollars)






This article appears in: Stocks , World Markets
Referenced Symbols: BX ,



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